During first quarter 2020 earnings calls, many companies talked about restrictions that were in place for barrels of oil for the rest of the year.
“There's a lot of uncertainty on the timing of the recovery. We're planning for a slow one as it takes time to restart businesses and for consumers' confidence to grow,” Exxon chairman and chief executive officer Darren Woods said in a May 1 earnings call. “For the full year, estimates range from a loss of four million to 12 million barrels per day. We expect it to be on the higher end of the range.”
The Covid-19 pandemic has caused much uncertainty especially in oil and gas markets.
“This pandemic has accelerated what was probably going to happen anyway – you’re going to see Chevron, Shell, and Conoco, the big dogs [in oil] out there just picking everybody off,” one steel distributor said
"Pipe distributors and the smaller guys...